Planet Fitness, Inc. Announces First Quarter 2016 Results

  • First Quarter System-Wide Same Stores Sales Increased 6.8%
  • Total Revenue Increased 8.3% to $83.3 Million
  • Board Approves New $20 Million Share Repurchase Program
  • Company Raises Full Year 2016 Outlook

NEWINGTON, N.H. - May 10, 2016 // PRNewswire // - Planet Fitness, Inc. (NYSE:PLNT) today reported financial results for its first quarter ended March 31, 2016.

First Quarter Fiscal 2016 Highlights

  • Total revenue increased from the prior year period by 8.3% to $83.3 million.
  • System-wide same store sales increased 6.8%.
  • Net income was $16.3 million compared to net income of $8.5 million in the prior year period.
  • Pro forma adjusted net income(1) increased 20.5% to $15.2 million, or $0.15per diluted share, compared to $12.6 million, or $0.13 per diluted share in the prior year period.
  • Adjusted EBITDA(1) increased 20.4% to $34.3 million from $28.5 million in the prior year period.
  • 48 new Planet Fitness franchise stores were opened during the period, bringing system-wide total stores to 1,171 at March 31, 2016.
    1) Pro forma adjusted net income and adjusted EBITDA are non-GAAP measures. For reconciliations of adjusted EBITDA and pro forma adjusted net income to U.S. GAAP ("GAAP") net income see "Non-GAAP Financial Measures" accompanying this release.

Christopher Rondeau, Chief Executive Officer, commented, "The year is off to a strong start. We continue to be successful attracting new consumers to Planet Fitness, which, combined with system-wide same store sales growth of 6.8% contributed to our outperformance in the first quarter compared with guidance. Awareness of our affordable, non-intimidating fitness offering continues to increase driven by the combination of our powerful national advertising strategy and continued unit expansion. We remain confident that we have a significant runway for growth based on how well our concept continues to resonate with the large population of casual and first time gym users. At the same time, our group of well capitalized franchisees is on schedule to open a record number of new stores this year and the pipeline is robust looking beyond 2016. We believe our differentiated, asset light business model has our company well positioned to deliver enhanced profitability and greater value to our shareholders over the long-term."

Operating Results for the First Quarter Ended March 31, 2016

For the first quarter 2016, total revenue increased $6.4 million or 8.3% to $83.3 million from $76.9 million in the prior year period. By segment:

  • Franchise segment revenue, which includes commission income, increased$5.9 million or 27.2% to $27.7 million from $21.8 million in the prior year period;
  • Corporate-owned stores segment revenue increased $2.2 million or 9.1% to $25.7 million from $23.5 million in the prior year period; and
  • Equipment segment revenue decreased $1.7 million or 5.2% to $30.0 million from $31.6 million. This decrease was driven by a decrease in equipment sales related to the anticipated fewer new store openings versus a year ago, partially offset by higher re-equipment revenue. Equipment sales related to new store openings and the timing of individual new store openings can be affected by many factors making particular quarter to quarter comparisons less meaningful.

System-wide same store sales increased 6.8%. By segment, franchisee-owned same store sales increased 7.0% and corporate-owned same store sales increased 4.9%.

Adjusted EBITDA, which is defined as net income before interest, taxes, depreciation and amortization, adjusted for the impact of certain non-cash and other items that we do not consider in the evaluation of ongoing operational performance (see "Non-GAAP Financial Measures"), increased 20.4% to $34.3 million from $28.5 million in the prior year period. EBITDA by segment:

  • Franchise segment EBITDA increased $10.2 million or 75.4% to $23.8 million driven by royalties from new franchised stores opened since March 31, 2015 as well as higher same store sales and overall margin expansion;
  • Corporate-owned stores segment EBITDA increased $2.4 million or 30.3% to $10.2 million driven primarily by higher revenue related to stores not included in the same store sale base plus higher same store sales and overall margin expansion; and
  • Equipment segment EBITDA decreased slightly by $0.4 million or 6.6% to$6.3 million driven by lower equipment sales to new stores partially offset by higher sales of replacement equipment from existing franchise stores required to replace certain equipment.

For the first quarter of fiscal 2016, net income was $16.3 million compared to net income of $8.5 million in the prior year period. Pro forma adjusted net income (see "Non-GAAP Financial Measures") increased 20.5% to $15.2 million, or $0.15per diluted share, from $12.6 million, or $0.13 per diluted share, in the prior year period. Pro forma adjusted net income has been adjusted to reflect a normalized federal income tax rate of 39.4% for the current and comparable prior year period and excludes amortization and other non-recurring costs and gains.

Share Repurchase Program

The Board of Directors has authorized the Company to purchase, from time to time, as market conditions warrant, $20 million of the Company's common stock.  The share repurchase program does not obligate the Company to repurchase any particular amount of common stock, and it could be modified, suspended or discontinued at any time. The timing and amount of repurchases will be determined by management at its discretion based on a variety of factors such as the market price of its common stock, corporate and legal requirements, general market and economic conditions, and compliance with the terms of agreements governing the Company's outstanding indebtedness. Purchases of the Company's common stock may be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades, in privately negotiated transactions or by other means in accordance with federal securities laws. The share repurchase program does not have a specified expiration date.

Mr. Rondeau said, "The Board's decision to authorize this $20 million share buyback program reflects their confidence in the strength of the Planet Fitness brand and our asset light business model. We believe that current volatility in our stock price provides us with opportunities to purchase our stock at prices that we believe undervalue our business. This program underscores the Company's commitment to creating value for our shareholders by using our strong cash flow in the most efficient manner possible as opportunities present themselves."

2016 Outlook

For the year ending December 31, 2016, the Company now expects:

  • Total revenue between $360 million and $370 million;
  • System-wide same store sales growth in the mid-single digit range;
  • Between 210 and 220 new franchised stores; and
  • Pro forma adjusted net income of $61 million to $64 million, or $0.62 to $0.65 per diluted share.

Presentation of Financial Measures

Planet Fitness, Inc. (the "Company") was formed in March 2015 for the purpose of facilitating the initial public offering (the "IPO") and related transactions that occurred in August 2015, and in order to carry on the business of Pla-Fit Holdings, LLC and its subsidiaries ("Pla-Fit Holdings"). As the sole managing member of Pla-Fit Holdings, the Company operates and controls all of the business and affairs of Pla-Fit Holdings, and through Pla-Fit Holdings, conducts its business. As a result, the Company consolidates Pla-Fit Holdings' financial results and reports a non-controlling interest related to the portion of Pla-Fit Holdings not owned by the Company. The financial results in periods prior to the IPO and recapitalization transactions are of Pla-Fit Holdings, as the predecessor to Planet Fitness, Inc. for accounting and reporting purposes. Accordingly, these historical results do not purport to reflect what the results of operations of Planet Fitness, Inc. or Pla-Fit Holdings would have been had the IPO and related recapitalization transactions occurred prior to such periods.

The financial information presented in this release includes non-GAAP financial measures such as EBITDA, adjusted EBITDA, pro forma adjusted net income and pro forma adjusted net income per diluted share to provide measures that we believe are useful to investors in evaluating the Company's performance. These non-GAAP financial measures presented in this release are supplemental measures of the Company's performance that are neither required by, nor presented in accordance with GAAP. These financial measures should not be considered as substitutes for GAAP financial measures such as net income or any other performance measures derived in accordance with GAAP. In addition, in the future, the Company may incur expenses or charges such as those added back to calculate adjusted EBITDA, pro forma adjusted net income and pro forma adjusted net income per diluted share. The Company's presentation of adjusted EBITDA, pro forma adjusted net income and pro forma net income per diluted share should not be construed as an inference that the Company's future results will be unaffected by unusual or nonrecurring items. See the tables at the end of this press release for a reconciliation of adjusted EBITDA and pro forma adjusted net income to their nearest GAAP financial measure.

The non-GAAP financial measures used in our full-year outlook will differ from GAAP net income and net income per share in ways similar to those described in the reconciliations at the end of this press release.

Investor Conference Call

The Company will hold a conference call at 4:30 pm (ET) on May 10, 2016 to discuss the news announced in this press release. A live webcast of the conference call will be accessible at www.planetfitness.com via the "Investor Relations" link. The webcast will be archived on the website for one year.

About Planet Fitness

Founded in 1992 in Dover, N.H., Planet Fitness (NYSE: PLNT) is one of the largest and fastest-growing franchisors and operators of fitness centers in the United States by number of members and locations. With more than 1,100 locations in 47 states, the District of Columbia, Puerto Rico, Canada and the Dominican Republic, Planet Fitness' mission is to enhance people's lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which we call the Judgement Free Zone®. More than 90% of Planet Fitness stores are owned and operated by independent business men and women. For more information, visit www.planetfitness.com.

Forward-Looking Statements

This news release contains certain statements, approximations, estimates and projections with respect to our anticipated future performance ("forward-looking statements"), especially those under the heading "2016 Outlook." Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of the business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, risks and uncertainties associated with competition in the fitness industry, the Company's and franchisees' ability to attract and retain new members, changes in consumer demand, changes in equipment costs, the Company's ability to expand into new markets, operating costs for the Company and franchisees generally, availability and cost of capital for franchisees, acquisition activity, developments and changes in laws and regulations, our substantial indebtedness, our corporate structure and tax receivable agreements, general economic conditions and the other factors described in the Company's annual report on Form 10-K for the year ended December 31, 2015, and the Company's other filings with the Securities and Exchange Commission. Neither the Company nor any of its affiliates or representatives undertake any obligation to provide additional information or to correct or update any information set forth in this release, whether as a result of new information, future developments or otherwise.

 

Planet Fitness, Inc. and subsidiaries

Consolidated Statements of Operations

(Unaudited)

(Amounts in thousands, except per share amounts)

 

 
 

For the quarter ended March 31,

 
 

2016

   

2015

 

Revenue:

             

Franchise

$

21,491

   

$

16,967

 

Commission income

 

6,186

     

4,790

 

Corporate-owned stores

 

25,697

     

23,546

 

Equipment

 

29,969

     

31,619

 

Total revenue

 

83,343

     

76,922

 

Operating costs and expenses:

             

Cost of revenue

 

23,639

     

25,946

 

Store operations

 

14,732

     

14,341

 

Selling, general and administrative

 

11,845

     

14,138

 

Depreciation and amortization

 

7,703

     

8,201

 

Other gain

 

(186)

     

(6)

 

Total operating costs and expenses

 

57,733

     

62,620

 

Income from operations

 

25,610

     

14,302

 

Other expense, net:

             

Interest expense, net

 

(6,367)

     

(4,756)

 

Other income (expense)

 

393

     

(736)

 

Total other expense, net

 

(5,974)

     

(5,492)

 

Income before income taxes

 

19,636

     

8,810

 

Provision for income taxes

 

3,291

     

272

 

Net income

 

16,345

     

8,538

 

Less net income attributable to non-controlling interests

 

12,977

     

113

 

Net income attributable to Planet Fitness, Inc.

 

3,368

     

8,425

 
               

Net income per share of Class A common stock(1):

             

Basic & diluted

$

0.09

         
               

Weighted-average shares of Class A common stock outstanding(1):

             

Basic & diluted

 

36,598

         
               

 

(1)

Represents earnings per share of Class A common stock and weighted-average shares of Class A common stock outstanding for the period following the recapitalization transactions and IPO.

 

   

 

Planet Fitness, Inc. and subsidiaries

Consolidated Balance Sheets

(Unaudited)

(Amounts in thousands, except per share amounts)

 

 
   

March 31,

   

December 31,

 
   

2016

   

2015

 

Assets

               

Current assets:

               

Cash and cash equivalents

 

$

38,268

   

$

31,430

 

Accounts receivable, net of allowance for bad debts of $637 and $629
  at March 31, 2016 and December 31, 2015, respectively

   

10,446

     

19,079

 

Due from related parties

   

1,005

     

4,940

 

Inventory

   

1,476

     

4,557

 

Restricted assets – national advertising fund

   

5,300

     

1,962

 

Other current assets

   

12,318

     

10,977

 

Total current assets

   

68,813

     

72,945

 

Property and equipment, net

   

54,302

     

56,139

 

Intangible assets, net

   

268,679

     

273,619

 

Goodwill

   

176,981

     

176,981

 

Deferred income taxes

   

115,523

     

117,358

 

Other assets, net

   

1,368

     

2,135

 

Total assets

 

$

685,666

   

$

699,177

 

Liabilities and equity:

               

Current liabilities:

               

Current maturities of long-term debt

 

$

5,100

   

$

5,100

 

Accounts payable

   

10,090

     

23,950

 

Accrued expenses

   

9,853

     

13,667

 

Equipment deposits

   

5,253

     

5,587

 

Deferred revenue, current

   

15,477

     

14,717

 

Payable to related parties pursuant to tax benefit arrangements, current

   

5,870

     

3,019

 

Other current liabilities

   

253

     

212

 

Total current liabilities

   

51,896

     

66,252

 

Long-term debt, net of current maturities

   

478,875

     

479,779

 

Deferred rent, net of current portion

   

4,665

     

4,554

 

Deferred revenue, net of current portion

   

10,277

     

12,016

 

Payable to related parties pursuant to tax benefit arrangements, net of current portion

   

132,208

     

137,172

 

Other liabilities

   

484

     

484

 

Total noncurrent liabilities

   

626,509

     

634,005

 

Equity:

               

Class A common stock, $.0001 par value - 300,000 shares authorized, 36,598
   shares issued and outstanding as of March 31, 2016 and December 31, 2015

   

4

     

4

 

Class B common stock, $.0001 par value - 100,000 shares authorized, 62,067
   shares issued and outstanding as of March 31, 2016, and 62,112 shares issued
   and outstanding as of December 31, 2015

   

6

     

6

 

Accumulated other comprehensive loss

   

(2,387)

     

(1,710)

 

Additional paid in capital

   

577

     

352

 

Accumulated deficit

   

(11,805)

     

(14,032)

 

Total stockholders' deficit attributable to Planet Fitness Inc.

   

(13,605)

     

(15,380)

 

Non-controlling interests

   

20,866

     

14,300

 

Total stockholders' equity (deficit)

   

7,261

     

(1,080)

 

Total liabilities and stockholders' equity (deficit)

 

$

685,666

   

$

699,177

 

 

 

Planet Fitness, Inc. and subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

(Amounts in thousands)

 

 
   
   

For the quarter ended March 31,

 
   

2016

   

2015

 

Cash flows from operating activities:

               

Net income

 

$

16,345

   

$

8,538

 

Adjustments to reconcile net income to net cash provided by operating activities:

               

Depreciation and amortization

   

7,703

     

8,201

 

Amortization of deferred financing costs

   

371

     

305

 

Amortization of favorable leases and asset retirement obligations

   

99

     

113

 

Amortization of interest rate caps

   

75

     

 

Deferred tax expense

   

1,354

     

7

 

Provision for bad debts

   

7

     

11

 

Gain on disposal of property and equipment

   

(186)

     

(6)

 

Equity-based compensation

   

576

     

 

Changes in operating assets and liabilities, excluding effects of acquisitions

               

Accounts receivable

   

8,864

     

9,792

 

Notes receivable and due from related parties

   

3,544

     

50

 

Inventory

   

3,081

     

1,001

 

Other assets and other current assets

   

(4,632)

     

422

 

Accounts payable and accrued expenses

   

(16,202)

     

(16,745)

 

Other liabilities and other current liabilities

   

30

     

15

 

Income taxes

   

(2,314)

     

290

 

Payable to related parties pursuant to tax benefit arrangements

   

(2,113)

     

 

Equipment deposits

   

(334)

     

(230)

 

Deferred revenue

   

(1,091)

     

(717)

 

Deferred rent

   

85

     

992

 

Net cash provided by operating activities

   

15,262

     

12,039

 

Cash flows from investing activities:

               

Additions to property and equipment

   

(865)

     

(5,326)

 

Proceeds from sale of property and equipment

   

20

     

6

 

Net cash used in investing activities

   

(845)

     

(5,320)

 

Cash flows from financing activities:

               

Proceeds from issuance of long-term debt

   

     

120,000

 

Principal payments on capital lease obligations

   

(12)

     

(140)

 

Repayment of long-term debt

   

(1,275)

     

(975)

 

Payment of deferred financing and other debt-related costs

   

     

(1,698)

 

Distributions to Continuing LLC Members

   

(6,411)

     

(139,688)

 

Net cash used in financing activities

   

(7,698)

     

(22,501)

 

Effects of exchange rate changes on cash and cash equivalents

   

119

     

23

 

Net increase (decrease) in cash and cash equivalents

   

6,838

     

(15,759)

 

Cash and cash equivalents, beginning of period

   

31,430

     

43,291

 

Cash and cash equivalents, end of period

 

$

38,268

   

$

27,532

 

Planet Fitness, Inc. and subsidiaries
Non-GAAP Financial Measures
(Unaudited)
(Amounts in thousands, except per share amounts)

To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, the Company uses the following non-GAAP financial measures: EBITDA, adjusted EBITDA, pro forma adjusted net income and pro forma adjusted net income per diluted share (collectively, the "non-GAAP financial measures"). The Company believes that these non-GAAP financial measures, when used in conjunction with GAAP financial measures, are useful to investors in evaluating our operating performance. These non-GAAP financial measures presented in this release are supplemental measures of the Company's performance that are neither required by, nor presented in accordance with GAAP. These financial measures should not be considered as substitutes for GAAP financial measures such as net income or any other performance measures derived in accordance with GAAP. In addition, in the future, the Company may incur expenses or charges such as those added back to calculate adjusted EBITDA, pro forma adjusted net income and pro forma adjusted net income per diluted share. The Company's presentation of adjusted EBITDA, pro forma adjusted net income, and pro forma adjusted net income per diluted share should not be construed as an inference that the Company's future results will be unaffected by unusual or nonrecurring items.

EBITDA and Adjusted EBITDA

EBITDA and adjusted EBITDA are supplemental measures of performance that do not represent and should not be considered as substitutes for net income or any other performance measures derived in accordance with GAAP. EBITDA and adjusted EBITDA are used by management to measure the operating performance of the business adjusted for certain non-recurring items that management believes do not directly reflect the Company's core operations. A reconciliation of EBITDA and adjusted EBITDA to net income, the more directly comparable GAAP measure, is set forth below.

   

For the quarter ended March 31,

 
   

2016

   

2015

 

Net income attributable to Planet Fitness, Inc.

 

$

3,368

   

$

8,425

 

Net income attributable to non-controlling interests

   

12,977

     

113

 

Net income

 

$

16,345

   

$

8,538

 

Interest expense, net

   

6,367

     

4,756

 

Provision for income taxes

   

3,291

     

272

 

Depreciation and amortization

   

7,703

     

8,201

 

EBITDA

 

$

33,706

   

$

21,767

 

Purchase accounting adjustments(1)

   

182

     

426

 

Management fees(2)

   

     

284

 

IT system upgrade costs(3)

   

     

3,633

 

IPO-related costs(4)

   

     

1,757

 

Severance expense(5)

   

380

     

 

Pre-openings costs(6)

   

     

604

 

Adjusted EBITDA

 

$

34,268

   

$

28,471

 

 

(1)

Represents the impact of certain purchase accounting adjustments associated with the acquisition of Pla-Fit Holdings, LLC on November 8, 2012. These are primarily related to fair value adjustments to deferred revenue and deferred rent.

(2)

Represents management fees and expenses paid to a management company affiliated with TSG pursuant to a management services agreement that terminated in connection with the IPO.

(3)

Represents costs associated with certain IT system upgrades, primarily related to our point-of-sale systems.

(4)

Represents legal, accounting and other costs incurred in connection with the IPO.

(5)

Represents severance expense recorded in connection with an equity award modification.

(6)

Represents costs associated with new corporate-owned stores incurred prior to the store opening, including payroll-related costs, rent and occupancy expenses, marketing and other store operating supply expenses.

Pro Forma Adjusted Net Income and Pro Forma Adjusted Net Income per Diluted Share

As a result of the recapitalization transactions that occurred prior to our initial public offering, the operating agreement of Pla-Fit Holdings was amended and restated to, among other things, designate Planet Fitness, Inc. as the sole managing member of Pla-Fit Holdings. As sole managing member, Planet Fitness, Inc. exclusively operates and controls the business and affairs of Pla-Fit Holdings. As a result of the recapitalization transactions and the amended and restated Pla-Fit Holdings operating agreement, Planet Fitness, Inc. now consolidates Pla-Fit Holdings, and Pla-Fit Holdings is considered the predecessor to Planet Fitness, Inc. for accounting purposes. Our presentation of pro forma adjusted net income and pro forma adjusted net income per diluted share gives effect to the consolidation of Pla-Fit Holdings with Planet Fitness, Inc. resulting from the recapitalization transactions and the amended and restated Pla-Fit Holdings operating agreement as of January 1, 2015. In addition, pro forma adjusted net income assumes net income is all attributable to Planet Fitness, Inc., which assumes the full exchange of all outstanding Holdings Units and corresponding Class B common stock for shares of Class A common stock of Planet Fitness, Inc., adjusted for certain non-recurring items that management believes do not directly reflect the Company's core operations. Pro forma adjusted net income per diluted share is calculated by dividing pro forma adjusted net income by the total shares of Class A common stock outstanding as though the IPO had occurred and those shares were outstanding for all of each period presented and, assuming the full exchange of all outstanding Holdings Units and corresponding Class B common stock as of the beginning of each period presented.

Pro forma adjusted net income and pro forma adjusted net income per diluted share are supplemental measures of operating performance that do not represent and should not be considered alternatives to net income and net income per share, as determined by GAAP. We believe pro forma adjusted net income and pro forma adjusted net income per diluted share supplement GAAP measures and enable us to more effectively evaluate our performance period-over-period and relative to our competitors. A reconciliation of pro forma adjusted net income to net income, the most directly comparable GAAP measure, and the computation of pro forma adjusted net income per diluted share are set forth below.

     

For the quarter ended March 31,

 
     

2016

   

2015

 
 

Net income attributable to Planet Fitness, Inc.

 

$

3,368

   

$

8,425

 
 

Net income attributable to non-controlling interests

   

12,977

     

113

 
 

Net income

 

$

16,345

   

$

8,538

 
 

Provision for income taxes, as reported

   

3,291

     

272

 
 

Purchase accounting adjustments(1)

   

182

     

426

 
 

Management fees(2)

   

     

284

 
 

IT system upgrade costs(3)

   

     

3,633

 
 

IPO-related costs(4)

   

     

1,757

 
 

Severance expense(5)

   

380

     

 
 

Pre-openings costs(6)

   

     

604

 
 

Purchase accounting amortization(7)

   

4,843

     

5,270

 
 

Adjusted income before income taxes

 

$

25,041

   

$

20,784

 
 

Pro forma income taxes(8)

   

9,866

     

8,189

 
 

Pro forma adjusted net income

 

$

15,175

   

$

12,595

 
                   
 

Pro forma adjusted net income per share, diluted

 

$

0.15

   

$

0.13

 
                   
 

Pro forma weighted-average shares outstanding(9)

   

98,707

     

98,710

 

 

(1)

Represents the impact of certain purchase accounting adjustments associated with the acquisition of Pla-Fit Holdings, LLC on November 8, 2012. These are primarily related to fair value adjustments to deferred revenue and deferred rent.

(2)

Represents management fees and expenses paid to a management company affiliated with TSG pursuant to a management services agreement that terminated in connection with the IPO.

(3)

Represents costs associated with certain IT system upgrades, primarily related to our point-of-sale systems.

(4)

Represents legal, accounting and other costs incurred in connection with the IPO.

(5)

Represents severance expense recorded in connection with an equity award modification.

(6)

Represents costs associated with new corporate-owned stores incurred prior to the store opening, including payroll-related costs, rent and occupancy expenses, marketing and other store operating supply expenses.

(7)

Represents the impact of the amortization of certain purchase accounting adjustments associated with the acquisition of Pla-Fit Holdings, LLC on November 8, 2012 and the acquisition of eight franchisee-owned stores on March 31, 2014.

(8)

Represents corporate income taxes at an assumed effective tax rate of 39.4% applied to adjusted income before income taxes.

(9)

Assumes the full exchange of all outstanding Holdings Units and corresponding shares of Class B common stock for shares of Class A common stock of Planet Fitness, Inc. for all periods presented.

SOURCE Planet Fitness, Inc.

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